At their meetings in May 2009, the boards discussed lessor accounting and decided tentatively that a lessor should recognise:
- an asset for its right to receive rental payments from the lessee
- a liability for its performance obligations under the lease.
At this meeting, the boards discussed how such assets and liabilities should be measured. The boards made the following tentative decisions:
- Initial measurement of the lessor�s right to receive rental payments would follow existing literature for the accounting for financial assets under either IFRSs or US GAAP (IAS 39 for IFRSs and Section 310-10-30 of the FASB Accounting Standards Codification� for US GAAP).
- Initial measurement of the lessor�s right to receive rental payments under US GAAP would be discounted using the interest rate implicit in the lease.
- Initial measurement of the lessor�s performance obligation would equal the customer consideration received (ie on initial measurement the performance obligation would equal the lessor�s receivable).
- Subsequent measurement of the lessor�s performance obligation would reflect decreases in the entity�s obligation to permit the lessee to use the leased item over the lease term.
The boards also discussed subsequent measurement of the lessor�s right to receive rental payments and presentation of the lessor�s assets and liabilities. However, no decisions were reached.
These tentative decisions were reached on the basis of a model that would result in the lessor�s recognising a performance obligation. However, the boards asked the staff to provide additional analysis on an accounting model for lessors that would result in partial derecognition of the leased item. Consequently, the boards will revisit those tentative decisions following discussion of this additional analysis.
In September, the boards will discuss an analysis of the comment letters received on the leases discussion paper.